Collective Investment Trust

Retirement Target 2025 CIT

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Daily Price

$19.34

Daily $ Change

$0.15

Daily % Change

0.78%

as of 12/01/2023

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Performance

As of 10/31/2023

YTD

1.40%

1 Year

4.31%

3 Year

0.65%

5 Year

4.85%

10 Year

4.16%

Inception
(08/03/2012)

6.06%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses.

Expense Ratio

Gross 0.71%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 10/31/2023

TREASURY NOTES 21.44%
GOVERNMENT AGENCY 11.75%
TREASURY BONDS 3.49%
TSY INFL IX N/B 0.50000 04/15/2024 2.46%
AMAZON.COM INC 2.03%
META PLATFORMS INC 1.59%
MASTERCARD INC-CLASS A 1.59%
ALPHABET INC-CL A 1.49%
TSY INFL IX N/B 0.12500 01/15/2031 1.35%
MICRON TECHNOLOGY INC 1.33%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2023

Bonds
60.86%
Stocks
36.51%
Cash
2.63%

Detailed Asset Class Allocation

As of 10/31/2023

International Equities
9.63%
Small Capitalization
0.40%
Mid Capitalization
3.89%
Large Capitalization
22.59%
Long Term Fixed Income
11.98%
Intermediate Term Fixed Income
45.81%
Short Term Fixed Income
3.07%
Cash
2.63%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 2,037.98 $60,553.90
ADMIRAL GROUP PLC ADR GB AMIGY 7,516.79 $222,421.90
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 182,397.82 $153,856.32
AGREE REALTY CORP US ADC 703.12 $39,332.65
AIR LIQUIDE FR AI FP 184.54 $31,622.09
AIRBUS SE FR AIR FP 229.57 $30,779.95
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,212.13 $11,176.74
ALCON INC CH ALC 3,205.36 $228,605.98
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 87,392.47 $67,170.85
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 362,116.89 $271,881.54
ALPHABET INC-CL A US GOOGL 5,735.09 $711,610.34
AMAZON.COM INC US AMZN 7,314.92 $973,542.75
AMAZON.COM INC 3.30000 04/13/2027 US 292,132.6 $273,805.50
AMERICAN HOMES 4 RENT- A US AMH 437.93 $14,337.71
AMERICAN TOWER REIT INC US AMT 254.04 $45,267.44
AMERICOLD REALTY TRUST US COLD 1,484.14 $38,914.15
APARTMENT INCOME REIT CO US AIRC 368.78 $10,772.01
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 179,670.41 $161,098.39
ASTRAZENECA GB AZN 530.97 $33,573.36
ATLASSIAN CORP PLC-CLASS A AU TEAM 123.55 $22,318.73
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 5,045.12 $21,574.37
AUTO TRADER GROUP PLC GB AUTO LN 5,549.33 $41,976.52
AVALONBAY COMMUNITIES INC US AVB 227.38 $37,685.96
AVANZA BANK HOLDING AB SE AZA SS 1,404.1 $23,736.25
BABS 2021-RM2 A 1.75000 10/25/2061 US 21,257.69 $18,173.13
BAE SYSTEMS PLC GB BA/ LN 4,453.97 $59,889.77
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,093.13 $223,034.90
BANK OF AMERICA CORP 2.68700 04/22/2032 US 278,203.63 $213,700.93
BEIERSDORF AG DE BEI GR 303.32 $39,893.04
BIOMARIN PHARMACEUTICAL INC US BMRN 3,937.95 $320,745.75
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 134,052.71 $129,165.53
BORR IHC LTD 10.00000 11/15/2028 MUL 49,636.42 $49,515.37
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 53,912.75 $48,857.93
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 203,296.17 $193,754.00
CANADIAN NATIONAL RAILWAY CO CA CNI 2,029.94 $214,726.77
CBOE GLOBAL MARKETS INC US CBOE 1,361.01 $223,055.87
CELLNEX TELECOM SA ES CLNX SM 1,093.71 $32,150.68
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,369.09 $19,988.68
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 219,008.52 $212,611.23
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,415.55 $3,122.97
CITIGROUP INC 1.46200 06/09/2027 US 233,289.07 $205,276.52
CLARK CNTY NV 1.51000 11/01/2028 US 212,679.07 $176,754.17
CLEANAWAY WASTE MANAGEMENT AU CWY AU 19,294.96 $27,486.59
COCA COLA CO/THE US KO 10,517.46 $594,131.37
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 110,509.71 $95,091.85
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 170,626.92 $155,056.08
COMMUNITY HEALTHCARE TRUST I US CHCT 694.62 $19,914.70
COPART INC US CPRT 5,911.45 $257,266.23
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,281.26 $21,990.63
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,361.44 $12,404.13
CSX CORP US CSX 7,117.85 $212,467.85
DEUTSCHE BOERSE AG DE DB1 GR 289.07 $47,579.92
DEUTSCHE BOERSE AG ADR DE DBOEY 11,051.63 $181,025.75
DIAGEO PLC GB DGE LN 923.46 $34,921.72
DOLLARAMA INC CA DOL CN 247.91 $16,929.31
DREYFUS GVT CSH MANAGEMENT US 1,293,102.48 $1,293,102.48
ELECTRONIC ARTS US EA 4,157.25 $514,625.57
ENDAVA PLC - SPON ADR GB DAVA 302.35 $15,165.72
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 378,130.96 $350,658.47
EQUINIX INC US EQIX 207.76 $151,588.66
EQUITY COMMONWEALTH US EQC 1,519.17 $28,773.03
EQUITY LIFESTYLE PROPERTIES US ELS 619.16 $40,740.81
EVERGY INC US EVRG 4,814.78 $236,598.13
EXTRA SPACE STORAGE INC US EXR 328.35 $34,013.67
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,538.74 $12,767.81
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,194.01 $6,307.17
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,398.32 $3,455.93
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 58.91 $58.47
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,341.58 $16,127.08
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 8,970.99 $8,333.98
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 53,655.26 $49,845.32
FEDERAL NATL MTG ASSN AL8674 FLT 5.64000 01/01/2049 US 130,807.62 $130,255.58
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,365.29 $12,247.66
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,585.71 $35,020.34
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 29,080.92 $24,306.16
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 392,696.85 $339,946.41
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 232,676.7 $198,185.74
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 14,453.7 $13,028.93
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 248,495.67 $219,854.33
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 18,931.37 $18,163.79
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,261.93 $22,318.77
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 264,464.96 $220,507.58
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 257,339.3 $222,970.96
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 246,821.62 $200,561.73
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 389,149.72 $358,786.81
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 258,476.47 $214,162.09
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 48,002.04 $43,860.65
FHLM POOL C91780 4.50000 07/01/2034 US 10,843.57 $10,427.76
FHLM POOL G03332 6.00000 10/01/2037 US 1,934.42 $1,972.60
FHLM POOL G05900 6.00000 03/01/2040 US 4,118.3 $4,199.40
FHLM POOL G05906 6.00000 04/01/2040 US 4,996.93 $5,095.33
FHLM POOL G06995 6.00000 05/01/2040 US 12,278.9 $12,520.69
FHLM POOL G60034 4.50000 02/01/2045 US 94,385.74 $87,181.41
FHLM POOL K91364 4.50000 11/01/2033 US 1,387.09 $1,340.37
FHLM POOL K92059 4.50000 09/01/2034 US 7,476.54 $7,188.90
FHLM POOL SD8230 4.50000 06/01/2052 US 209,270.29 $187,027.06
FHR 5189 CP 2.50000 06/25/2049 US 156,181.22 $124,657.56
FINECOBANK SPA IT FBK IM 3,268.13 $38,552.92
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,166.39 $17,145.88
FLX 2021-1A A2 3.25000 11/27/2051 US 219,748.15 $190,210.37
FMC CORP US FMC 7,636.67 $406,270.67
FN DS2696 3.00000 12/01/2051 US 292,400.74 $237,207.81
FN FS4339 MTGE 3.00000 12/01/2050 US 340,065.99 $278,072.81
FN FS4925 MTGE 3.50000 04/01/2052 US 337,438.98 $285,647.61
FN MA4020 MTGE 3.00000 05/01/2050 US 350,218.81 $284,112.27
FN MA4733 4.50000 09/01/2052 US 285,103.28 $254,799.80
FN MA4807 MTGE 5.50000 11/01/2052 US 205,005.12 $194,825.73
FN MA4868 MTGE 5.00000 01/01/2053 US 373,222.8 $344,102.57
FN MA4934 MTGE 5.00000 02/01/2043 US 391,468.09 $366,559.25
FNR 2018-31 KP 3.50000 07/25/2047 US 2,490.46 $2,399.62
FR QG6308 MTG 6.00000 07/01/2053 US 359,906.52 $350,841.20
FR SD1129 4.00000 08/01/2051 US 47,301.67 $41,629.62
FR SD1360 MTGE 5.50000 07/01/2052 US 311,295.36 $296,011.84
FREMF 2015-K43 B FLT 3.73151 02/25/2048 US 73,829.62 $71,156.21
GETTY REALTY CORP US GTY 509.31 $13,557.70
GLOBANT SA LU GLOB 100.03 $17,033.82
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,526.2 $24,195.29
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,652.26 $26,922.67
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 96,227.07 $78,928.08
GREENIDGE GEN HLD INC US 1,142.93 $6,937.59
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 118,320.13 $95,791.47
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 77,027.69 $63,228.03
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 96,305.97 $78,950.80
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 121,865.13 $99,638.29
HALMA PLC GB HLMA LN 990.14 $22,266.58
HAWAII ST 2.68200 10/01/2038 US 125,493.4 $85,170.01
HDFC BANK LTD-ADR IN HDB 721.56 $40,804.26
HEINEKEN NV NL HEIA NA 520.88 $46,797.42
HEINEKEN NV-SPN ADR NL HEINY 9,703.75 $436,668.77
HELIOS TOWERS PLC GB HTWS LN 11,038.64 $8,123.94
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 291,912.45 $278,392.90
HWIRE 2021-1 A2 2.31100 11/20/2051 US 37,969.52 $33,183.01
IDEXX LABORATORIES INC US IDXX 644.38 $257,412.45
IMCD NV NL IMCD NA 185.14 $22,289.98
IMPRL 2021-NQM3 1.59500 11/25/2056 US 109,198.22 $83,712.12
INTERCONTINENTALEXCHANGE INC US ICE 1,933.39 $207,723.69
INTERMEDIATE CAPITAL GROUP GB ICP LN 997.66 $15,883.72
INTUITIVE SURGICAL INC US ISRG 690.86 $181,157.16
INVITATION HOMES INC US INVH 1,345.43 $39,945.68
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 33,458.74 $32,331.97
JOHNSON & JOHNSON US JNJ 3,979.85 $590,370.88
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 21,474.84 $19,987.49
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 399,721.48 $361,097.03
KEYENCE CORP JP 6861 JP 69.71 $26,984.38
KEYWORDS STUDIOS PLC IE KWS LN 1,040.78 $16,526.55
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,403.61 $19,065.68
L'OREAL FR OR FP 20.22 $8,497.86
L3HARRIS TECHNOLOGIES INC US LHX 2,832.36 $508,153.90
LEXINGTON REALTY TRUST US LXP 2,371.29 $18,756.86
LONZA GROUP AG -REG CH LONN SW 49.11 $17,197.81
LULULEMON - ADR CA LULU 49.91 $19,638.30
MARRIOTT VACATIONS WORLD US VAC 101.49 $9,119.92
MASCO CORP US MAS 7,576.71 $394,671.06
MASTERCARD INC-CLASS A US MA 2,016.82 $759,030.08
MEDTRONIC INC IE MDT 5,534.15 $390,489.37
MERCADOLIBRE INC BR MELI 27.99 $34,724.01
META PLATFORMS INC US META 2,520.42 $759,325.63
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 156,989.89 $7,586.33
MICRON TECHNOLOGY INC US MU 9,509.23 $635,882.14
MICROSOFT CORP US MSFT 932.73 $315,366.23
MID-AMERICA APARTMENT COMM US MAA 158.55 $18,732.20
MONARCH CASINO & RESORT INC US MCRI 284.12 $17,101.21
MONDELEZ INTERNATIONAL INC US MDLZ 2,949.02 $195,254.64
MOODY'S CORPORATION US MCO 1,186.8 $365,533.78
NAVIENT CORP 6.75000 06/25/2025 US 53,661.23 $52,394.83
NESTLE S.A. - ADR CH NSRGY 4,354.43 $469,233.18
NESTLE SA-REGISTERED CH NESN SW 509.79 $54,974.99
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 155,137.98 $139,662.41
NIKE INC CLASS B US NKE 1,682.4 $172,899.79
NORTHROP GRUMMAN CORP US NOC 678 $319,631.32
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 52,624.76 $5.26
NOVARTIS AG- REG CH NVS 2,581.58 $241,583.94
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 150,066.78 $148,829.26
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 28,849 $25,649.94
NRZT 2015-2A A1 3.75000 08/25/2055 US 37,041.83 $33,466.54
NRZT 2016-4A A1 3.75000 11/25/2056 US 73,409.43 $66,056.77
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 98,896.13 $87,137.23
OASIS 2023-1A 7.00000 02/15/2035 US 99,660.29 $99,163.03
OBX 2022-INV1 A1 3.00000 12/25/2051 US 125,678.41 $96,437.19
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 20,850.89 $21,014.81
OXFIN 2020-1A A2 3.10100 02/15/2028 US 66,143.39 $63,889.70
OXFIN 2022-1A 3.60200 02/15/2030 US 206,297.87 $194,856.51
OXFIN 2023-1A A2 6.71600 02/15/2031 US 262,528.97 $257,414.38
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 312,329.01 $312,376.70
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 143,866.99 $137,243.31
PEAR 2023-1A 7.42000 07/15/2035 US 141,317.83 $139,612.29
PELORUS FUND REIT 7.00000 09/30/2026 US 17,511.58 $16,497.84
PEPSICO INC 3.90000 07/18/2032 US 318,244.87 $282,474.38
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 189,821.31 $139,008.46
PFMT 2021-2 A2A 2.00000 04/25/2051 US 113,302.62 $91,292.05
PHYSICIANS REALTY TRUST US DOC 1,204.17 $13,077.25
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 27,953.61 $24,474.83
PROLOGIS US PLD 1,234.59 $124,385.29
PUBLIC STORAGE INC US PSA 201.17 $48,021.45
QUALCOMM INC 4.25000 05/20/2032 US 229,359.78 $207,449.28
RCKT 2021-6 A1 2.50000 12/25/2051 US 237,454.85 $172,660.81
REALTY INCOME CORP US O 467.48 $22,149.28
RENAISSANCERE HOLDINGS LTD BM RNR 182.42 $40,057.44
RENTOKIL INITIAL PLC GB RTO LN 5,983.79 $30,472.42
RENTOKIL INITIAL PLC-SP ADR GB RTO 5,307.43 $135,817.07
REXFORD INDUSTRIAL REALITY IN US REXR 585.14 $25,301.66
S&P GLOBAL INC US SPGI 390.89 $136,543.10
SALESFORCE INC US CRM 1,013.37 $203,514.38
SBA COMMUNICATIONS CORP US SBAC 285.79 $59,624.82
SBA TOWER TRUST 1.88400 01/15/2026 US 180,360.19 $163,472.45
SBA TOWER TRUST 6.59900 01/15/2028 US 226,524.69 $226,087.45
SCML 2019-SBC8 2.86000 04/25/2041 US 100,958.98 $92,050.64
SEMT 2013-2 1.87400 02/25/2043 US 14,873.57 $12,045.02
SEMT 2013-6 A2 3.00000 05/25/2043 US 38,437.83 $32,703.69
SEMT 2013-7 A2 3.00000 06/25/2043 US 15,946.96 $13,661.20
SEMT 2013-8 A1 3.00000 06/25/2043 US 19,237.94 $16,402.38
SERVICENOW INC US NOW 777.63 $452,466.36
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 564,759.77 $430,594.71
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,027.97 $22,992.15
SMB 2020-BA A1A 1.29000 07/15/2053 US 105,100.64 $92,857.71
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 20,703.37 $20,005.44
SONY CORP FIRST SECTION JP 6758 JP 362.47 $30,135.32
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 119,832.67 $108,677.78
SORT 2020-1 A2 1.99000 07/15/2060 US 99,624.14 $83,024.77
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 148,304.64 $124,217.92
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 186,177.69 $131,724.42
STAG INDUSTRIAL INC US STAG 389.1 $12,925.81
SUN COMMUNITIES US SUI 474.21 $52,750.68
SYNCHRONOSS TECH US 1,050.22 $17,906.21
TAH 2017-SFR2 A 2.92800 01/17/2036 US 19,734.95 $19,576.42
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,182.47 $360,988.75
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,369.99 $21,636.92
TENCENT HOLDINGS 3.97500 04/11/2029 KY 647,884.75 $582,252.30
TENCENT HOLDINGS LTD CN 700 HK 1,171.06 $43,339.32
TERRENO REALTY CORP US TRNO 476.82 $25,405.08
THERMO FISHER SCIENTIFIC INC US TMO 370.99 $165,003.84
TPMT 2016-5 A1 2.50000 10/25/2056 US 12,783.87 $12,628.27
TPMT 2017-1 A1 2.75000 10/25/2056 US 5,139.33 $5,089.02
TPMT 2019-HY1 A1 6.43892 10/25/2048 US 30,678.83 $30,639.96
TREASURY BOND 2.37500 02/15/2042 US 2,516,045.65 $1,670,811.56
TREASURY NOTE 2.25000 11/15/2027 US 2,031,847.16 $1,838,821.68
TSY INFL IX N/B 0.12500 01/15/2031 US 765,182.04 $646,898.77
TSY INFL IX N/B 0.50000 04/15/2024 US 1,197,181.18 $1,177,496.25
TSY INFL IX N/B 2.37500 01/15/2027 US 584,895.08 $579,195.94
UDR INC US UDR 750.1 $23,860.57
UNILEVER PLC - ADR GB UL 10,444.8 $494,561.40
UNION PAC CORP US UNP 1,059.05 $219,868.93
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 6,928.55 $6,398.10
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 44,604.12 $39,498.41
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,852.85 $31,089.31
US TEASURY NOTE 1.75000 11/15/2029 US 2,641,829.9 $2,220,375.47
US TREASURY N/B 0.87500 11/15/2030 US 2,158,975.96 $1,652,965.97
US TREASURY N/B 1.37500 11/15/2031 US 357,370.5 $274,896.09
US TREASURY N/B 2.00000 11/15/2026 US 1,331,329.28 $1,223,574.82
US TREASURY N/B 3.12500 11/15/2028 US 2,109,152.39 $1,946,022.64
US TREASURY N/B 4.12500 11/15/2032 US 1,165,483.8 $1,100,653.77
USRE 2021-1 A1 1.91000 10/20/2061 US 43,067.28 $36,825.58
VENTAS INC US VTR 579.77 $24,617.22
VERTEX PHARMACEUTICALS INC US VRTX 761.04 $275,580.65
VISA INC - CLASS A SHARES US V 2,335.89 $549,167.56
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 245,472.36 $217,314.39
WELLTOWER INC. US WELL 427.05 $35,705.44
WIN 2015-1 A1 3.50000 01/20/2045 US 10,349.99 $8,870.41

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$19.34

Daily $ Change

$0.15

Daily % Change

0.78%

as of 12/01/2023

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Applications & Forms
Fact Sheet
Annual Report

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of investments that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 26% - 63%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 13% - 47%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Learn more about our Glide Range SM

Performance

As of 10/31/2023

YTD

1.40%

1 Year

4.31%

3 Year

0.65%

5 Year

4.85%

10 Year

4.16%

Inception
(08/03/2012)

6.06%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses.

Expense Ratio

Gross 0.71%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 10/31/2023

TREASURY NOTES 21.44%
GOVERNMENT AGENCY 11.75%
TREASURY BONDS 3.49%
TSY INFL IX N/B 0.50000 04/15/2024 2.46%
AMAZON.COM INC 2.03%
META PLATFORMS INC 1.59%
MASTERCARD INC-CLASS A 1.59%
ALPHABET INC-CL A 1.49%
TSY INFL IX N/B 0.12500 01/15/2031 1.35%
MICRON TECHNOLOGY INC 1.33%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 10/31/2023

Bonds
60.86%
Stocks
36.51%
Cash
2.63%

Detailed Asset Class Allocation

As of 10/31/2023

International Equities
9.63%
Small Capitalization
0.40%
Mid Capitalization
3.89%
Large Capitalization
22.59%
Long Term Fixed Income
11.98%
Intermediate Term Fixed Income
45.81%
Short Term Fixed Income
3.07%
Cash
2.63%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

Security Description Country Ticker Shares/Par Market Value (USD)
ADMIRAL GROUP PLC GB ADM LN 2,037.98 $60,553.90
ADMIRAL GROUP PLC ADR GB AMIGY 7,516.79 $222,421.90
AERCAP IRELAND CAP/GLOBA 3.00000 10/29/2028 IE 182,397.82 $153,856.32
AGREE REALTY CORP US ADC 703.12 $39,332.65
AIR LIQUIDE FR AI FP 184.54 $31,622.09
AIRBUS SE FR AIR FP 229.57 $30,779.95
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 11,212.13 $11,176.74
ALCON INC CH ALC 3,205.36 $228,605.98
ALIBAB GROUP HOLDINGS 2.12500 02/09/2031 KY 87,392.47 $67,170.85
ALIBABA GROUP HOLDING 4.00000 12/06/2037 KY 362,116.89 $271,881.54
ALPHABET INC-CL A US GOOGL 5,735.09 $711,610.34
AMAZON.COM INC US AMZN 7,314.92 $973,542.75
AMAZON.COM INC 3.30000 04/13/2027 US 292,132.6 $273,805.50
AMERICAN HOMES 4 RENT- A US AMH 437.93 $14,337.71
AMERICAN TOWER REIT INC US AMT 254.04 $45,267.44
AMERICOLD REALTY TRUST US COLD 1,484.14 $38,914.15
APARTMENT INCOME REIT CO US AIRC 368.78 $10,772.01
ASHTEAD CAPITAL INC 4.00000 05/01/2028 US 179,670.41 $161,098.39
ASTRAZENECA GB AZN 530.97 $33,573.36
ATLASSIAN CORP PLC-CLASS A AU TEAM 123.55 $22,318.73
AUCKLAND INTL AIRPORT LTD NZ AIA NZ 5,045.12 $21,574.37
AUTO TRADER GROUP PLC GB AUTO LN 5,549.33 $41,976.52
AVALONBAY COMMUNITIES INC US AVB 227.38 $37,685.96
AVANZA BANK HOLDING AB SE AZA SS 1,404.1 $23,736.25
BABS 2021-RM2 A 1.75000 10/25/2061 US 21,257.69 $18,173.13
BAE SYSTEMS PLC GB BA/ LN 4,453.97 $59,889.77
BAE SYSTEMS PLC -SPON ADR GB BAESY 4,093.13 $223,034.90
BANK OF AMERICA CORP 2.68700 04/22/2032 US 278,203.63 $213,700.93
BEIERSDORF AG DE BEI GR 303.32 $39,893.04
BIOMARIN PHARMACEUTICAL INC US BMRN 3,937.95 $320,745.75
BNSF FUNDING TRUST I 6.61300 12/15/2055 US 134,052.71 $129,165.53
BORR IHC LTD 10.00000 11/15/2028 MUL 49,636.42 $49,515.37
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 53,912.75 $48,857.93
CAALT 2021-3A B MTGE 1.38000 07/15/2030 US 203,296.17 $193,754.00
CANADIAN NATIONAL RAILWAY CO CA CNI 2,029.94 $214,726.77
CBOE GLOBAL MARKETS INC US CBOE 1,361.01 $223,055.87
CELLNEX TELECOM SA ES CLNX SM 1,093.71 $32,150.68
CELLNEX TELECOM SAU-UNSP ADR ES CLLNY 1,369.09 $19,988.68
CENOVUS ENERGY INC 6.75000 11/15/2039 CA 219,008.52 $212,611.23
CIM 2019-INV1 A1 4.00000 02/25/2049 US 3,415.55 $3,122.97
CITIGROUP INC 1.46200 06/09/2027 US 233,289.07 $205,276.52
CLARK CNTY NV 1.51000 11/01/2028 US 212,679.07 $176,754.17
CLEANAWAY WASTE MANAGEMENT AU CWY AU 19,294.96 $27,486.59
COCA COLA CO/THE US KO 10,517.46 $594,131.37
COLO 2021-2A A2 MTGE 2.40000 10/25/2051 US 110,509.71 $95,091.85
COLO 2023 - 1A A2 MTGE 5.11600 02/25/2053 US 170,626.92 $155,056.08
COMMUNITY HEALTHCARE TRUST I US CHCT 694.62 $19,914.70
COPART INC US CPRT 5,911.45 $257,266.23
CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 27,281.26 $21,990.63
CSMC 2013-TH1 A1 2.13000 02/25/2043 US 15,361.44 $12,404.13
CSX CORP US CSX 7,117.85 $212,467.85
DEUTSCHE BOERSE AG DE DB1 GR 289.07 $47,579.92
DEUTSCHE BOERSE AG ADR DE DBOEY 11,051.63 $181,025.75
DIAGEO PLC GB DGE LN 923.46 $34,921.72
DOLLARAMA INC CA DOL CN 247.91 $16,929.31
DREYFUS GVT CSH MANAGEMENT US 1,293,102.48 $1,293,102.48
ELECTRONIC ARTS US EA 4,157.25 $514,625.57
ENDAVA PLC - SPON ADR GB DAVA 302.35 $15,165.72
ENERGY TRANSFER OPERATNG 6.50000 02/01/2042 US 378,130.96 $350,658.47
EQUINIX INC US EQIX 207.76 $151,588.66
EQUITY COMMONWEALTH US EQC 1,519.17 $28,773.03
EQUITY LIFESTYLE PROPERTIES US ELS 619.16 $40,740.81
EVERGY INC US EVRG 4,814.78 $236,598.13
EXTRA SPACE STORAGE INC US EXR 328.35 $34,013.67
FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 12,538.74 $12,767.81
FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 6,194.01 $6,307.17
FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 3,398.32 $3,455.93
FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 58.91 $58.47
FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 17,341.58 $16,127.08
FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 8,970.99 $8,333.98
FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 53,655.26 $49,845.32
FEDERAL NATL MTG ASSN AL8674 FLT 5.64000 01/01/2049 US 130,807.62 $130,255.58
FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 14,365.29 $12,247.66
FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 39,585.71 $35,020.34
FEDERAL NATL MTG ASSN BK0433 3.50000 12/01/2049 US 29,080.92 $24,306.16
FEDERAL NATL MTG ASSN BW1194 4.00000 09/01/2052 US 392,696.85 $339,946.41
FEDERAL NATL MTG ASSN FN FS1179 3.50000 12/01/2049 US 232,676.7 $198,185.74
FEDERAL NATL MTG ASSN FN MA3412 3.50000 07/01/2038 US 14,453.7 $13,028.93
FEDERAL NATL MTG ASSN FN MA4687 4.00000 06/01/2042 US 248,495.67 $219,854.33
FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 18,931.37 $18,163.79
FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 23,261.93 $22,318.77
FEDERAL NATL MTG ASSN MA4600 3.50000 05/01/2052 US 264,464.96 $220,507.58
FEDERAL NATL MTG ASSN MA4644 4.00000 05/01/2052 US 257,339.3 $222,970.96
FEDERAL NATL MTG ASSN SD8044 3.00000 02/01/2050 US 246,821.62 $200,561.73
FEDERAL NATL MTG ASSN SD8276 5.00000 12/01/2052 US 389,149.72 $358,786.81
FEDERAL NATL MTG FN MA4203 2.50000 12/01/2040 US 258,476.47 $214,162.09
FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 48,002.04 $43,860.65
FHLM POOL C91780 4.50000 07/01/2034 US 10,843.57 $10,427.76
FHLM POOL G03332 6.00000 10/01/2037 US 1,934.42 $1,972.60
FHLM POOL G05900 6.00000 03/01/2040 US 4,118.3 $4,199.40
FHLM POOL G05906 6.00000 04/01/2040 US 4,996.93 $5,095.33
FHLM POOL G06995 6.00000 05/01/2040 US 12,278.9 $12,520.69
FHLM POOL G60034 4.50000 02/01/2045 US 94,385.74 $87,181.41
FHLM POOL K91364 4.50000 11/01/2033 US 1,387.09 $1,340.37
FHLM POOL K92059 4.50000 09/01/2034 US 7,476.54 $7,188.90
FHLM POOL SD8230 4.50000 06/01/2052 US 209,270.29 $187,027.06
FHR 5189 CP 2.50000 06/25/2049 US 156,181.22 $124,657.56
FINECOBANK SPA IT FBK IM 3,268.13 $38,552.92
FLAGSHIP COMMUNITIES REIT UT US MHC/U CN 1,166.39 $17,145.88
FLX 2021-1A A2 3.25000 11/27/2051 US 219,748.15 $190,210.37
FMC CORP US FMC 7,636.67 $406,270.67
FN DS2696 3.00000 12/01/2051 US 292,400.74 $237,207.81
FN FS4339 MTGE 3.00000 12/01/2050 US 340,065.99 $278,072.81
FN FS4925 MTGE 3.50000 04/01/2052 US 337,438.98 $285,647.61
FN MA4020 MTGE 3.00000 05/01/2050 US 350,218.81 $284,112.27
FN MA4733 4.50000 09/01/2052 US 285,103.28 $254,799.80
FN MA4807 MTGE 5.50000 11/01/2052 US 205,005.12 $194,825.73
FN MA4868 MTGE 5.00000 01/01/2053 US 373,222.8 $344,102.57
FN MA4934 MTGE 5.00000 02/01/2043 US 391,468.09 $366,559.25
FNR 2018-31 KP 3.50000 07/25/2047 US 2,490.46 $2,399.62
FR QG6308 MTG 6.00000 07/01/2053 US 359,906.52 $350,841.20
FR SD1129 4.00000 08/01/2051 US 47,301.67 $41,629.62
FR SD1360 MTGE 5.50000 07/01/2052 US 311,295.36 $296,011.84
FREMF 2015-K43 B FLT 3.73151 02/25/2048 US 73,829.62 $71,156.21
GETTY REALTY CORP US GTY 509.31 $13,557.70
GLOBANT SA LU GLOB 100.03 $17,033.82
GNR 2017-54 AH MTGE 2.60000 12/16/2056 US 27,526.2 $24,195.29
GOLDEN PEAR FUND HOLDCO 10.00000 03/02/2028 US 30,652.26 $26,922.67
GOODG 2020-1A MTGE 2.63000 04/15/2055 US 96,227.07 $78,928.08
GREENIDGE GEN HLD INC US 1,142.93 $6,937.59
GSMBS 2021-INV1 A6 2.50000 12/25/2051 US 118,320.13 $95,791.47
GSMBS 2021-PJ6 A8 2.50000 11/25/2051 US 77,027.69 $63,228.03
GSMBS 2021-PJ9 A8 2.50000 02/26/2052 US 96,305.97 $78,950.80
GSMBS 2022-PJ1 A8 2.50000 05/28/2052 US 121,865.13 $99,638.29
HALMA PLC GB HLMA LN 990.14 $22,266.58
HAWAII ST 2.68200 10/01/2038 US 125,493.4 $85,170.01
HDFC BANK LTD-ADR IN HDB 721.56 $40,804.26
HEINEKEN NV NL HEIA NA 520.88 $46,797.42
HEINEKEN NV-SPN ADR NL HEINY 9,703.75 $436,668.77
HELIOS TOWERS PLC GB HTWS LN 11,038.64 $8,123.94
HOTWIRE FUNDING LLC 5.68700 05/20/2053 US 291,912.45 $278,392.90
HWIRE 2021-1 A2 2.31100 11/20/2051 US 37,969.52 $33,183.01
IDEXX LABORATORIES INC US IDXX 644.38 $257,412.45
IMCD NV NL IMCD NA 185.14 $22,289.98
IMPRL 2021-NQM3 1.59500 11/25/2056 US 109,198.22 $83,712.12
INTERCONTINENTALEXCHANGE INC US ICE 1,933.39 $207,723.69
INTERMEDIATE CAPITAL GROUP GB ICP LN 997.66 $15,883.72
INTUITIVE SURGICAL INC US ISRG 690.86 $181,157.16
INVITATION HOMES INC US INVH 1,345.43 $39,945.68
ITALY GOV'T INT BOND 2.37500 10/17/2024 IT 33,458.74 $32,331.97
JOHNSON & JOHNSON US JNJ 3,979.85 $590,370.88
JPMMT 2014-2 1A1 3.00000 06/25/2029 US 21,474.84 $19,987.49
JPMORGAN CHASE & CO 4.49300 03/24/2031 US 399,721.48 $361,097.03
KEYENCE CORP JP 6861 JP 69.71 $26,984.38
KEYWORDS STUDIOS PLC IE KWS LN 1,040.78 $16,526.55
KIMBERLY CLARK DE MEXICO S.A.B. MX KIMBERA MM 10,403.61 $19,065.68
L'OREAL FR OR FP 20.22 $8,497.86
L3HARRIS TECHNOLOGIES INC US LHX 2,832.36 $508,153.90
LEXINGTON REALTY TRUST US LXP 2,371.29 $18,756.86
LONZA GROUP AG -REG CH LONN SW 49.11 $17,197.81
LULULEMON - ADR CA LULU 49.91 $19,638.30
MARRIOTT VACATIONS WORLD US VAC 101.49 $9,119.92
MASCO CORP US MAS 7,576.71 $394,671.06
MASTERCARD INC-CLASS A US MA 2,016.82 $759,030.08
MEDTRONIC INC IE MDT 5,534.15 $390,489.37
MERCADOLIBRE INC BR MELI 27.99 $34,724.01
META PLATFORMS INC US META 2,520.42 $759,325.63
MEX BONOS DESARR FIX RT 7.75000 05/29/2031 MX 156,989.89 $7,586.33
MICRON TECHNOLOGY INC US MU 9,509.23 $635,882.14
MICROSOFT CORP US MSFT 932.73 $315,366.23
MID-AMERICA APARTMENT COMM US MAA 158.55 $18,732.20
MONARCH CASINO & RESORT INC US MCRI 284.12 $17,101.21
MONDELEZ INTERNATIONAL INC US MDLZ 2,949.02 $195,254.64
MOODY'S CORPORATION US MCO 1,186.8 $365,533.78
NAVIENT CORP 6.75000 06/25/2025 US 53,661.23 $52,394.83
NESTLE S.A. - ADR CH NSRGY 4,354.43 $469,233.18
NESTLE SA-REGISTERED CH NESN SW 509.79 $54,974.99
NEWCASTLE COAL INFRASTRU 4.40000 09/29/2027 AU 155,137.98 $139,662.41
NIKE INC CLASS B US NKE 1,682.4 $172,899.79
NORTHROP GRUMMAN CORP US NOC 678 $319,631.32
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 52,624.76 $5.26
NOVARTIS AG- REG CH NVS 2,581.58 $241,583.94
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 150,066.78 $148,829.26
NRZT 2014-3A AFX3 3.75000 11/25/2054 US 28,849 $25,649.94
NRZT 2015-2A A1 3.75000 08/25/2055 US 37,041.83 $33,466.54
NRZT 2016-4A A1 3.75000 11/25/2056 US 73,409.43 $66,056.77
NYMT 2022-CP1 A1 2.04240 07/25/2061 US 98,896.13 $87,137.23
OASIS 2023-1A 7.00000 02/15/2035 US 99,660.29 $99,163.03
OBX 2022-INV1 A1 3.00000 12/25/2051 US 125,678.41 $96,437.19
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 20,850.89 $21,014.81
OXFIN 2020-1A A2 3.10100 02/15/2028 US 66,143.39 $63,889.70
OXFIN 2022-1A 3.60200 02/15/2030 US 206,297.87 $194,856.51
OXFIN 2023-1A A2 6.71600 02/15/2031 US 262,528.97 $257,414.38
PALOMINO FUNDING TRUST I 7.23300 05/17/2028 US 312,329.01 $312,376.70
PEAR 2021-1 A MTGE 2.60000 01/15/2034 US 143,866.99 $137,243.31
PEAR 2023-1A 7.42000 07/15/2035 US 141,317.83 $139,612.29
PELORUS FUND REIT 7.00000 09/30/2026 US 17,511.58 $16,497.84
PEPSICO INC 3.90000 07/18/2032 US 318,244.87 $282,474.38
PFMT 2021 -INV1 A1 2.50000 08/25/2051 US 189,821.31 $139,008.46
PFMT 2021-2 A2A 2.00000 04/25/2051 US 113,302.62 $91,292.05
PHYSICIANS REALTY TRUST US DOC 1,204.17 $13,077.25
PMTLT 2013-J1 a9 3.50000 09/25/2043 US 27,953.61 $24,474.83
PROLOGIS US PLD 1,234.59 $124,385.29
PUBLIC STORAGE INC US PSA 201.17 $48,021.45
QUALCOMM INC 4.25000 05/20/2032 US 229,359.78 $207,449.28
RCKT 2021-6 A1 2.50000 12/25/2051 US 237,454.85 $172,660.81
REALTY INCOME CORP US O 467.48 $22,149.28
RENAISSANCERE HOLDINGS LTD BM RNR 182.42 $40,057.44
RENTOKIL INITIAL PLC GB RTO LN 5,983.79 $30,472.42
RENTOKIL INITIAL PLC-SP ADR GB RTO 5,307.43 $135,817.07
REXFORD INDUSTRIAL REALITY IN US REXR 585.14 $25,301.66
S&P GLOBAL INC US SPGI 390.89 $136,543.10
SALESFORCE INC US CRM 1,013.37 $203,514.38
SBA COMMUNICATIONS CORP US SBAC 285.79 $59,624.82
SBA TOWER TRUST 1.88400 01/15/2026 US 180,360.19 $163,472.45
SBA TOWER TRUST 6.59900 01/15/2028 US 226,524.69 $226,087.45
SCML 2019-SBC8 2.86000 04/25/2041 US 100,958.98 $92,050.64
SEMT 2013-2 1.87400 02/25/2043 US 14,873.57 $12,045.02
SEMT 2013-6 A2 3.00000 05/25/2043 US 38,437.83 $32,703.69
SEMT 2013-7 A2 3.00000 06/25/2043 US 15,946.96 $13,661.20
SEMT 2013-8 A1 3.00000 06/25/2043 US 19,237.94 $16,402.38
SERVICENOW INC US NOW 777.63 $452,466.36
SIMON PROPERTY GROUP LP 2.65000 02/01/2032 US 564,759.77 $430,594.71
SLAM 2021-1A A MTGE 2.43400 06/15/2046 US 27,027.97 $22,992.15
SMB 2020-BA A1A 1.29000 07/15/2053 US 105,100.64 $92,857.71
SOFI 2018-B A2FX MTGE 3.34000 08/25/2047 US 20,703.37 $20,005.44
SONY CORP FIRST SECTION JP 6758 JP 362.47 $30,135.32
SORT 2020-1 A1 MTGE 1.69000 07/15/2060 US 119,832.67 $108,677.78
SORT 2020-1 A2 1.99000 07/15/2060 US 99,624.14 $83,024.77
SOUTH CAROLINA ST PUBLIC SVC 2.32900 12/01/2028 US 148,304.64 $124,217.92
SRPT 2014-STAR A FLTG RATE 8.50000 11/15/2027 US 186,177.69 $131,724.42
STAG INDUSTRIAL INC US STAG 389.1 $12,925.81
SUN COMMUNITIES US SUI 474.21 $52,750.68
SYNCHRONOSS TECH US 1,050.22 $17,906.21
TAH 2017-SFR2 A 2.92800 01/17/2036 US 19,734.95 $19,576.42
TAIWAN SEMICONDUCTOR - SP ADR TW TSM 4,182.47 $360,988.75
TECHTRONIC INDUSTRIES CO LTD HK 669 HK 2,369.99 $21,636.92
TENCENT HOLDINGS 3.97500 04/11/2029 KY 647,884.75 $582,252.30
TENCENT HOLDINGS LTD CN 700 HK 1,171.06 $43,339.32
TERRENO REALTY CORP US TRNO 476.82 $25,405.08
THERMO FISHER SCIENTIFIC INC US TMO 370.99 $165,003.84
TPMT 2016-5 A1 2.50000 10/25/2056 US 12,783.87 $12,628.27
TPMT 2017-1 A1 2.75000 10/25/2056 US 5,139.33 $5,089.02
TPMT 2019-HY1 A1 6.43892 10/25/2048 US 30,678.83 $30,639.96
TREASURY BOND 2.37500 02/15/2042 US 2,516,045.65 $1,670,811.56
TREASURY NOTE 2.25000 11/15/2027 US 2,031,847.16 $1,838,821.68
TSY INFL IX N/B 0.12500 01/15/2031 US 765,182.04 $646,898.77
TSY INFL IX N/B 0.50000 04/15/2024 US 1,197,181.18 $1,177,496.25
TSY INFL IX N/B 2.37500 01/15/2027 US 584,895.08 $579,195.94
UDR INC US UDR 750.1 $23,860.57
UNILEVER PLC - ADR GB UL 10,444.8 $494,561.40
UNION PAC CORP US UNP 1,059.05 $219,868.93
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 6,928.55 $6,398.10
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 44,604.12 $39,498.41
US CLAIMS LIT FNDG LLC 10.25000 03/17/2028 US 34,852.85 $31,089.31
US TEASURY NOTE 1.75000 11/15/2029 US 2,641,829.9 $2,220,375.47
US TREASURY N/B 0.87500 11/15/2030 US 2,158,975.96 $1,652,965.97
US TREASURY N/B 1.37500 11/15/2031 US 357,370.5 $274,896.09
US TREASURY N/B 2.00000 11/15/2026 US 1,331,329.28 $1,223,574.82
US TREASURY N/B 3.12500 11/15/2028 US 2,109,152.39 $1,946,022.64
US TREASURY N/B 4.12500 11/15/2032 US 1,165,483.8 $1,100,653.77
USRE 2021-1 A1 1.91000 10/20/2061 US 43,067.28 $36,825.58
VENTAS INC US VTR 579.77 $24,617.22
VERTEX PHARMACEUTICALS INC US VRTX 761.04 $275,580.65
VISA INC - CLASS A SHARES US V 2,335.89 $549,167.56
WARNERMEDIA HOLDINGS INC 4.05400 03/15/2029 US 245,472.36 $217,314.39
WELLTOWER INC. US WELL 427.05 $35,705.44
WIN 2015-1 A1 3.50000 01/20/2045 US 10,349.99 $8,870.41

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 50 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

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